Celsius Resources Limited is awaiting regulatory approvals in Namibia and China to complete the N$247.5 million (US$15 million) sale of its 95% interest in the Opuwo Cobalt-Copper Project to Chinalco (Xiong’an) Mining Corporation Limited, a subsidiary of the Aluminum Corporation of China.
The company said on 23 October 2026 that several conditions for the transaction had been met, including shareholder approval, the waiver of pre-emptive rights by the project’s minority shareholder, and the renewal of the project’s Environmental Clearance Certificate and Exclusive Prospecting Licence.
Outstanding conditions include approval from the Namibian Competition Commission and the Bank of Namibia, as well as clearance from China’s National Development and Reform Commission, Ministry of Commerce and Bureau of Foreign Exchange Administration.
“Remaining transaction conditions precedent include: Approval by the Namibian Competition Commission and Bank of Namibia (in relation to exchange controls); Clearance by the Chinese National Development and Reform Commission, Ministry of Commerce and Bureau of Foreign Exchange Administration; Warranties remaining true and correct; and No material adverse effect,” the company said.
The transaction involves the sale of Celsius’ interest in Opuwo Cobalt Holdings (Proprietary) Limited and an intercompany loan through its wholly owned subsidiary, Opuwo Cobalt Pty Ltd.
Celsius said completing the divestment would provide a significant source of near-term funding and allow it to focus more resources on its copper-gold projects in the Philippines.
“The completion of the divestment of the Opuwo Project will enable Celsius to increase its focus on its Philippine portfolio of copper-gold projects and provide a material source of near-term funding,” the company said.
The company also provided updates on several legal disputes in the Philippines involving its subsidiary, Makilala Holding Limited, and other parties.
A preliminary investigation into a criminal complaint against Sodor Inc. President Erika Chalmers was scheduled for 22 and 29 October 2026. The complaint relates to Sodor’s acquisition of shares in Makilala Mining Company Inc. on credit.
Meanwhile, an arbitration decision in Celsius’ dispute with Sodor and its affiliate, PMR Holding Corp., over an outstanding US$43 million payment and shares in Makilala Mining is targeted for 12 July 2027.
Celsius is also challenging the foreclosure of its subsidiary’s shares in Makilala Mining by Equinaire Holdings Limited. Equinaire won a public auction in September with a US$5.01 million credit bid, although the validity of the foreclosure remains disputed and is subject to arbitration.
Celsius said it intends to pursue further legal action in the Philippines to challenge court decisions relating to the foreclosure and protect its interests pending the outcome of arbitration.
